I’ll make my point clear with the help of an e.g – check out Deepak Nitrite’s PE in 2018-19 period. It was always 50+ and got de-rated from there still the stock became 8-10X from that point. So much sustainable earnings growth was coming that PE re-rating\de-rating didnt matter much.
The whole point was just to invert ur initial point and look for ideas frm that angle. Of course, as you mentioned – not all from the low PE list were re-rating candidates, similarly not all from high PE list will be de-rating candidates.
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